The company Polymetal has become a resident of Kazakhstan

26/09/2023

Image source: pixelied.com / pixabay.com

In a historic move, Polymetal, one of the world’s leading gold mining companies, has officially relocated its operations to Kazakhstan. This decision marks a significant milestone for the country’s stock market, as it is the first instance of a company making such a move. Furthermore, Polymetal has also shifted its primary trading platform from the London Stock Exchange to the Kazakhstan Stock Exchange. The reverberations of this decision within the stock market are examined in a report by a correspondent from “Habar 24.”

Polymetal has successfully transitioned its jurisdiction and now stands as a proud resident of Kazakhstan. Already, approximately 4,000 shareholders from the United Kingdom, the United States, and Europe have transferred their shares to the AIX Exchange, signaling the beginning of a promising new chapter.

Vitaly Nesis, the CEO of Polymetal International, expressed his satisfaction with the extensive efforts made over the past nine months. During this period, the company engaged in meetings with over 500 institutional and retail investors. Nesis believes that these interactions played a pivotal role in shifting sentiment. Ultimately, when the final vote on sequential listing and delisting from London took place, more than 90 percent of voting shareholders supported these decisions.

Within the Astana International Financial Centre (AIFC), there is a shared anticipation that the influx of large investors brought about by Polymetal’s relocation will create fresh opportunities for other Kazakhstani companies.

Renat Bekturov, the Managing Director of the AIFC, emphasized that Polymetal has not only moved its operations but has also established itself as a resident and a Kazakhstani company within the AIFC. With substantial assets in Kazakhstan, including the two largest gold mining companies in the country, Polymetal’s transition to the jurisdiction of the AIFC also involved transferring its primary trading platform from the London Stock Exchange to AIX, situated within the AIFC. Consequently, global custodians have recognized AIX as a platform and regard Kazakhstan as an attractive investment market.

Over the next two years, Polymetal aims to enhance its liquidity indicators. Although meticulous work lies ahead, the company has already made strides, with the average daily trading volume for the month reaching approximately $150,000 USD

Source and Credit: 24.kz

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